First I would suggest locating your ‘’lease contract’’ and find the “residual value” of your car. This is what your car is predicted to be worth — but at the end of the lease, which might still be a few months away.
Secondly you’ll need to contact the (dealer) to schedule a time to complete the buyout. There are a few other factors involved in deciding whether to buy your leased car. But let’s assume you are going to move forward.
You’ll need to know how many miles are on your car when you speak with the (dealer) a few other details you’ll need to know and have readily available Including knowing your lease account Information, VIN ect
Next! Let’s run some numbers, you know what the car will cost you, unless you can pay cash it’s time to set up a new loan. I’ll work with you to get estimated monthly cost and secure the loan
Also since you are buying a used car, I would recommend shorter TERMS You don’t want to still be making payments on a car that is past its prime. Keep the loan shorter and you’ll have a shot at enjoying a few payment-free years/ perhaps a new ride! also with wiggle room to cover repairs that creep up.
There’s some chance that your monthly payments could be a little more than when you are leasing. Don’t let this confuse you. In the end, you’ll own a car you can keep for many more years without a car payment. And if you have money saved, I highly recommend making a down payment to reduce the balance you will owe — and the amount of interest you’ll pay.
Now that you know the process of a lease buyout, Give Andy a call about your options. He can help you figure out whether leasing or buying is better for you. Contact Andy McConnell Today!!
Visit Andy at Preston Ford 4313 Preston Rd, Hurlock 21643
Text Andy 443.205.9455
Automotive Professional Serving Maryland
Editorial Note: This post is accurate to the best of my knowledge when it was posted.